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Hence, Panel A tests the cross-correlation of the carriers‘ profits with macroeconomic explanatory variables at time t, and Panels B and C test the cross-autocorrelations of carrier profits at time t with lead explanatory variables at times t-1 and t-2 respectively. Panel A. 00 Panel B. 00 Panel C. 10 levels respectively. 22 Ray R. Sturm Table 3. Ljung-Box Statistics This table shows the LB statistics from a Ljung-Box analysis of the k-order autocorrelations as follows: LB = n(n + 2) [ Σ ρk2 / ( n – k) ] where n is the sample size and ρk is the autocorrelation at of the kth order.

Moyer, Rao and Tripathy (1992) examine the reasons for high dividend payout ratios and dividend yields in regulated electric utilities. They argue that the regulatory approval necessary for mergers effectively insulate the utilities from the threat of hostile takeovers. Further, they argue that the high dividend payout ratios are a mechanism by which regulated utilities force more frequent trips to the capital market. Consequently, the monitoring by the capital market substitutes for the agency control mechanisms of competition, the market for corporate control and high insider ownership.

Consequently, the monitoring by the capital market substitutes for the agency control mechanisms of competition, the market for corporate control and high insider ownership. That is, they find a positive relation between dividend payout ratios and the extent of regulatory control. Finally, Baker (1999) concludes that the factors influencing dividend policy between regulated and unregulated firms are more similar now than in the past. Also, he notes that among other factors, managers of regulated utilities firms place a higher importance on maintaining or increasing the firm‘s stock price than their non-regulated counterparts.